Acesite suspends Manila Pavilion hotel rebuild as costs swell to P3.6B (opens original article in a new tab)

Acesite suspends the reconstruction of the Waterfront Manila Pavilion Hotel due to rising costs and weak tourism and gaming industry conditions, with the budget now at P3.6B, exceeding insurance proceeds. The company will resume construction only when market conditions improve.

• Acesite suspended the hotel rebuild due to increased costs and weak tourism/gaming sectors.
• Reconstruction budget rose to P3.6B, surpassing the P1.5B insurance proceeds.
• Construction will resume when room rates, occupancy, and gaming revenues improve.
• Acesite allocated P764M from retained earnings for future rebuilding.